Folks, we all know that Australia’s property market’s a joke, right? That you need to be a nepo baby to buy a garage in Melbourne? That you have to steal diamonds to have enough money to rent? We don’t have to belabour this point.
However, there are some regional LGAs in Victoria and NSW where property prices have dropped. There are few dashes of hope left in the tank.
Want the deets? Then boom, here are the places to buy in Victoria and NSW:
The Places to Buy in Victoria
Between the end of 2022 and March, regional Victorian house prices have gone down by 3.2%. What’s more, this change has taken place for a few reasons. First off, Australia’s gnarly interest rates have dissuaded some people from buying a house in regional Victoria. Secondly, the mass migration of people leaving Melbourne, ‘cause of COVID, is now over.
According to Domain, the biggest regional price drops happened in the following Victorian LGAs:
|
LGA |
March of 2022 | March of 2023 | Annual Decrease |
|
Greater Geelong |
$765,000 |
$725,000 |
5.2% |
|
South Gippsland |
$618,150 |
$580,000 |
6.2% |
|
Yarriambiack |
$210,000 |
$190,000 |
9.5% |
|
Alpine |
$805,000 |
$725,000 |
9.9% |
| Moyne | $680,000 | $607,450 |
10.7% |
The Places to Buy in NSW
Meanwhile, NSW’s regional properties have also dropped in price. Year-on-year, they’ve gone down by 0.7%. This is the largest annual decline that this state’s had since 2011.
Additionally, some regional prices are lower in NSW for the same reason that they’re lower in Victoria. Interest rates are high, and the capital exodus is over.
As Will Phillips, a Sales Agent for Byron Bay McGrath, said, “When we see a tightening of monetary policy, the first thing people either sell or don’t buy is the boat, the holiday home, or the caravan.”
However, there’s another reason that some property prices have crumbled. And that reason is the climate crisis. For instance, Lismore’s climate floods have somewhat devalued the properties there. Between March 2022 and March 2023, property prices dropped by 12.2%.
According to Domain, the biggest regional price drops happened in the following NSW LGAs:
|
LGA |
March of 2022 | March of 2023 | Annual Decrease |
|
Shoalhaven |
$880,000 |
$800,000 |
9.1% |
|
Wollongong |
$1,015,000 |
$920,000 |
9.4% |
|
Lismore |
$680,000 |
$597,000 |
12.2% |
|
Kiama |
$1,600,000 |
$1,360,000 |
15.0% |
| Byron | $1,800,000 | $1,479,000 |
17.8% |
Related: Rent Australia — A Task That’s Just About Impossible
Related: What the Indoor Plants In Property Listings Are Trying to Tell You
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